AustralianSuper Makes Bid for Infratil

Posted on 12/08/2020

AustralianSuper made an offer to buy New Zealand energy and transport infrastructure company Infratil. This is a non-binding offer of NZ$7.43 a share represents a 22.2% premium to Infratil’s closing price in New Zealand on December 7, 2020, valuing the firm at NZ$ 5.37 billion (US$ 3.78 billion).

Infratil’s second-largest shareholder is Auckland-based Fisher Funds Management Limited, which holds a 4.5% stake. Fisher Funds said the offer did not fully price the long-term growth prospects of the company. New Zealand Accident Compensation Corporation remains the largest equity shareholder in Infratil.

Other shareholders in Infratil include Guardians of New Zealand Superannuation (New Zealand Superannuation Fund) and Norges Bank Investment Management, which oversees Norway Government Pension Fund Global.

Tilt Renewables Limited

On another note, Infratil advises that it intends to undertake a strategic review of its shareholding in Tilt Renewables Limited (Tilt). Tilt is a renewables platform in Australia and New Zealand, with a portfolio of high quality operating assets. Tilt is listed on both the NZX and ASX and Infratil currently owns 65.5% of the outstanding shares. Goldman Sachs has been engaged to assist in undertaking the strategic review.

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